Pranab to present his seventh union budget today

New Delhi,
Fri, 16 Mar 2012NI Wire

Union Finance Minister Pranab Mukherjee on Friday is set to present his seventh Union Budget for the
fiscal year (FY) 2012-2013 in Parliament under mounting pressure of allies in the United Progressive
alliance (UPA) government and rising fiscal deficit due to cooling down the economic growth.

All sectors of the society including public service sector, agriculture sector, social reform
sector, direct and indirect tax payers and corporate sectors are expecting a blend of soft and strict
steps in Mukherjee’s third consecutive union budget.

Pranab is the second finance minister after former finance minister and Prime Minister Morarji
Desai, who will present highest number of budgets.

Morarji presented 10 union budgets as being FM in 1959-64, 1967-70 and between 1977 and 1979.

Today's budget will be UPA's ninth successive budget in its two consecutive terms of incumbency.

The government employees will looking for higher tax rebate at least up to 2.50 lakh and less
percentage on slabs while direct and indirect tax payers will also eye on Direct Taxes Code (DTC) Bill
to be implemented after this budget.

On Thursday, the Chief Economic Adviser to Finance Ministry, Kaushik Basu forecasted a 7.6 percent
growth rate for the 2012-13 fiscal year, and said growth would revive slowly due to a drop in
investment and savings rates.

Speaking on the figures mentioned in the annual Economic Survey of India, Basu said: "During the
next year, that is 2012-13, India's growth rate will be 7.6 percent, plus or minus 0.25.."
However, it said that fiscal consolidation was the only way to keep inflation down.